A “discerning but not defeated” consumer

Shoppers certainly shopped in July — retail sales were up 1%. This is boosting stocks, but making players in the bond market fret that they might not get as many interest rate cuts this year. Let’s chat about the data with Diane Swonk, chief economist at KPMG.

The Federal Trade Commission has banned buying or selling fake online reviews. It’s a move supported by tech companies, including Amazon and Yelp. The ban is extensive, and its penalties are expensive — up to $50,000 per violation.

Tesla’s worst nightmare could be BYD, the electric vehicle maker out of China. BYD cars are subject to big tariffs if exported to the U.S. or the European Union, however. Now, BYD is confirming a plan to build a $1 billion EV factory in EU-adjacent Turkey.